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ResCap Closing Servicing Sites.
MINNEAPOLIS -- Citing declining originations and an ailing subprime market, Residential Capital Corp. plans to slash 1,000 positions at its GMAC mortgage affiliates over the next nine months, according to a new public filing.
As part of the cutback, ResCap will close three of its six servicing locations, leading to job losses in Blue Bell, Pa., San Diego and Shelton, Conn.
ResCap said most of the reductions will take place by midyear and that 200 of the cuts reflect the firm not filling open positions.
A company spokesman said that despite the cuts, GMAC Residential plans to grow its retail sales force and is currently recruiting.
The company said severance and related expenses will cost it $10 ...
- Wachovia Interested in GMAC Residential?(General Motors Acceptance Corp.)(Brief...
- Magazine article from: Mortgage Servicing News Muolo, Paul February 1, 2006 700+ words
...the holding company for GMAC Residential and its affiliates. Industry...on it." Among servicers, GMAC Residential, Horsham, Pa., ranks seventh...Calif. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All...
- GMAC Residential Funding Teams With ComplianceEase to Combine Technology...
- Press release article from: Business Wire November 8, 2005 700+ words
...strategic partnership agreement with GMAC Residential Funding. The partnership will effectively...ComplianceAnalyzer(TM), with GMAC Residential Funding's Assetwise Compliance Engine. GMAC Residential Funding's lender partners will...
- GMAC Residential Funding Expands Loan Guidelines, Offers More Choices for...
- Press release article from: Business Wire October 24, 2005 700+ words
MINNEAPOLIS -- GMAC Residential Funding is expanding its mortgage...affordability for homeowners. "GMAC Residential Funding strives to find innovative...and correspondent lending at GMAC Residential Funding. "We've enhanced...
- GMAC Residential Funding Enhances Assetwise Compliance Engine; Teams up with...
- Press release article from: Business Wire October 24, 2005 700+ words
MINNEAPOLIS -- GMAC Residential Funding announced that it has...ComplianceEase(R) that will integrate GMAC Residential Funding's Assetwise Compliance...evaluate their loans against GMAC Residential Funding's specific guidelines...
- A Visit with Dan Bettenburg: His job is making sure that Assetwise smooths the...
- Magazine article from: Mortgage Technology Kersnar, Scott October 1, 2003 700+ words
...money market heading into 2004, notes GMAC Residential Funding's Dan Bettenburg, the greatest...specialty lenders his company serves. As GMAC Residential Funding's executive vice president...business models." Mr. Bettenburg sees GMAC Residential Funding as having a key role as a...
- GMAC Residential Funding Announces Its First Public Canadian MBS Securitization.
- Press release article from: Business Wire July 7, 2004 700+ words
...that its Canadian business unit, GMAC Residential Funding of Canada, has closed its...addition, the securitization will allow GMAC Residential Funding to continue to make capital...said Bob Conway, managing director, GMAC Residential Funding of Canada. "Using GMAC...
- GMAC Residential and TheResidentClub Announce a Four-Year Strategic Alliance.
- Press release article from: PR Newswire September 8, 2000 700+ words
...Provide Technology Services With GMAC Residential HORSHAM, Pa. and AUSTIN...Sept. 8 /PRNewswire/ -- GMAC Residential Holding Corp., parent company...TheResidentClub's technology with GMAC Residential's customer access capabilities...
- VirPack Announces Seamless Electronic Loan Delivery to GMAC Residential Funding.
- Press release article from: PR Newswire May 23, 2006 700+ words
...Direct, to support delivery to GMAC Residential Funding, Minneapolis, Minn. VirPack Direct conforms to GMAC Residential Funding's electronic image...fully indexed loan files to GMAC Residential Funding for purchase review...
Source: HighBeam Research, ResCap Closing Servicing Sites.